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Home»NFTs
NFTs

Cetus Hack Update: $160 Million in Stolen Funds Moved to Multi-Signature Wallet

News RoomBy News Room1 month ago0 ViewsNo Comments4 Mins Read
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Cetus Hack Fund Recovery: A Closer Look at Progress and Community Engagement

The recent Cetus hack marked a tumultuous phase for the Sui blockchain’s liquidity provider, with a staggering $260 million stolen in cryptocurrency on May 23. However, recent updates show a significant turnaround, as about $160 million of these stolen funds has been successfully transferred to a multisig trust wallet. This move follows an on-chain vote that garnered massive community support. The funds were securely moved to a wallet jointly managed by the Cetus platform, Sui Foundation, and OtterSec, signifying a crucial step in the recovery process for both the protocol and its users.

Progress in Recovery Efforts

In a notable update shared through a public post, Cetus proudly announced their advancement in fund recovery strategies. With the isolated funds now secured in a multisig wallet, the protocol is poised to move into the next phase of recovery efforts. The Cetus team has mobilized resources to carry out its outlined roadmap, focusing on critical areas such as smart contract upgrades, liquidity restoration, and preparations for a safe relaunch. Such commitment reflects the determination of the team to restore the platform to its former operational capacity as swiftly and securely as possible.

Community Involvement and Transparency

Transparency and community engagement are paramount for the Cetus team as they navigate this recovery phase. To keep stakeholders informed, Cetus has organized a public Twitter Space session scheduled for June 2, 2025. This interactive platform aims to provide an in-depth discussion about the hack, ongoing recovery efforts, and a Q&A segment where community members can voice their concerns and queries. By soliciting community feedback and fostering open communication, Cetus is taking crucial steps towards regaining user trust and enhancing overall platform integrity.

The Recovery Vote: A Testament to Community Support

The Cetus recovery plan’s momentum gained significant traction, largely due to overwhelming community support. According to the Sui Foundation, more than 90% of validators exercised their voting power in favor of the recovery strategy. This enthusiastic response allowed the vote to conclude ahead of schedule, demonstrating the community’s strong resolve to facilitate recovery and restore normalcy. The platform’s transparency regarding its recovery objectives and unwavering commitment to user satisfaction has played a vital role in restoring faith in the protocol.

The Road Ahead: Challenges and Price Volatility

While significant progress has been made, challenges still loom on the horizon. Following the hack, the price of CETUS dropped notably, currently trading at $0.1335. The token declined by 8% in a single day, 18% over the week, and sees a sharp 35% dip over the month. Coupled with a 44% reduction in trading volume, the overall market sentiment remains cautious. Although the recovery efforts are promising, tangible price stabilization will necessitate continued diligence from the Cetus team and unwavering community engagement to ensure the trust of investors.

Ensuring Long-term Security and User Trust

As the recovery process unfolds, the Cetus team remains committed to providing a safe and secure environment for all users. The platform has consistently reiterated its pledge to reimburse affected users regardless of the vote outcomes, reinforcing its commitment to safeguarding user assets and ensuring long-term operational stability. Through proactive engagement with the community and strategic recovery efforts, Cetus aims not only to recover from this incident but also to emerge stronger and more resilient in the ever-evolving landscape of blockchain technology.

In conclusion, the path to recovery is multifaceted, involving collaborative efforts from the Cetus team, the Sui Foundation, and the community itself. As they navigate these turbulent waters, the shared commitment to transparency, security, and user support will be crucial in ensuring a successful recovery and the eventual relaunch of the Cetus platform.

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